UNITED LATIN AMERICA / VTR GLOBALCOM S.A. ("VTR")
United Latin America (ULA), in aggregate, had approximately 2.6 million homes passed, 1.6 million two-way homes passed, 586,100 video subscribers, 217,900 voice subscribers and 65,200 high-speed Internet subscribers at September 30, 2002. VTR, ULA's wholly-owned subsidiary in Chile, represents approximately 85% of the aggregate RGUs in Latin America.
Third Quarter Highlights
-- VTR's video subscribers at September 30, 2002 were 462,800, an
increase of 4.0% from 445,100 at September 30, 2001. VTR's video ARPU
for the three months ended September 30, 2002 increased 7.6% to CP
14,157 (US$19.99) from CP 13,158 (US$19.63) for the same period last
year.
-- VTR's voice subscribers at September 30, 2002 were 217,900, a 26%
increase from 173,000 at September 30, 2001. Lines in service at
September 30, 2002 were 246,200, a 27% increase from 193,500 at
September 30, 2001. This represents a 26% penetration rate based on
two-way homes serviceable compared to 23% as of September 30, 2001.
VTR's voice ARPU for the three months ended September 30, 2002
decreased 1.7% to CP 16,045 (US$22.67) compared to CP 16,316
(US$24.36) for the same period last year.
-- VTR's Internet subscribers at September 30, 2002 were 59,100 a 177%
increase from 21,300 at September 30, 2001. The increase was due to
continued strong demand for VTR's 300Kbps Broadband product as well as
its new 64Kbps "Broadband Light" service aimed at converting current
dial-up users. VTR's Internet ARPU for the three months ended
September 30, 2002 decreased 25% to CP 14,513 (US$20.50) from CP
19,378 (US$28.91) for the same period last year. The decrease relates
primarily to higher commercial discounts to maintain VTR's first-mover
advantage in an expanding and competitive market.
-- VTR's consolidated revenue for the quarter ended September 30, 2002
increased 21% to CP 33,407 million (US$47 million) from CP 27,645
million (US$41.2 million) for the same period in 2001 on a local
currency basis.
-- VTR's Adjusted EBITDA for the quarter ended September 30, 2002
increased 51% to CP 8,034 million (US$11.4 million) from CP 5,316
million (US$7.9 million) for the same period in 2001 on a local
currency basis.
ULA / VTR Recent Events
-- Accelerating Internet subscriber growth: Strong residential demand for
high speed Internet resulted in a 37% increase in Internet customers
on a sequential basis from June 30, 2002 to 59,100 subscribers at
September 30, 2002. VTR remains the market leader with a 56% share in
residential broadband due to its first mover advantage and greater
coverage versus ADSL.
-- Strong growth in telephony: Voice lines in service increased 5% in the
third quarter and 19% year-to-date, totaling 246,200 lines. VTR
remains the second largest fixed phone provider with its market share
increasing to 8%.
-- Video customer gains despite economy: Video customers grew to 462,800,
or 3% since December 31, 2001, in spite of a slow economy and 9.7%
unemployment. Bundling, driven mainly by fast growing Internet and
voice services, boosts video growth and thereby has positioned VTR as
the nationwide CATV market leader with a 65% market share.
-- Bundling rollout: As of September 2002, Triple-Play subscribers were
45,500, a 168% increase for the first nine months of 2002. As of
September 30, 2002 bundled RGUs represented 36% of VTR's total RGUs
within VTR's Triple-Play footprint
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